March 29, 2024

Paxful: Top bitcoin head in Russia hits records

For many years, traders and crypto enthusiasts in Russia have had to deal with regulatory uncertainty andby the opposing declarations of the country's legislators.

However, in spite of these problems, tradingBitcoins were not only saved, but, according to the P2P Paxful bitcoin exchange, is growing. Over the past year, the trading platform has shared about the rate of use of its platform by the Russians in Z50%.

Paxful has been operating in Russia since 2019, but turnoverThey are already impressive: from May 2019 to May 2020, the turnover has increased by 30%. In addition, in the very acute period of the corona virus Paxful crack, Paxful continued to set the recorder behind the recorder. In comparison with the previous month, sales in the next month increased: Map: + З4%; April: + 41%; May: + 50%.

In the following months, the growth lasted, in June another record was drunk.

The weekly volume of trading in bitcoins in Russia on Paxful. Source: Coin.Dance

But why does Russia show such an attitude towards bitcoins? Paxful manager in the Russian market Anton Kozlov shared his own vision:

«Besides the crisis in Russia there has always beenbanking system, which was dominated by several players. We believe that Russians are increasingly looking for alternative ways to increase their income and participation in financial markets. In a P2P context, Bitcoin gives them much more freedom, and our data confirms this.

Bitcoin Trading Volume in Russia, Paxful versus LocalBitcoins. Source: Useful Tulips

Recently, the State Duma adopted the law “Odigital assets ". After a few months of uncertainty with the expectation of a full ban on bitcoin, the new law allows you to mine, supply and buy a platform.

This law imposes a limitation thatIt counteracts the very essence of bitcoin ("a system of electronic money without intermediaries" - as it is written in the technical docum). The autumn is awaiting the adoption of the law, which will bring the final clarity to the regulation of cryptocurrencies.

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